Guyana to produce 1M barrels of oil per day by 2025 – Finance Minister

 – Finance Minister Winston Jordan tells Canadian forum

Stabroek Block

 

 

 

And as if to demonstrate its Midas-like touch, Jordan told his Canadian audience that ExxonMobil recently disclosed its 11th and 12th discoveries.

The Minister said, “With 17 prospects still to be drilled in the Stabroek Block, Guyana is on target to produce one million barrels per day. Indeed, research analysts at Wood MacKenzie have predicted that Guyana can surpass oil production in Mexico and Venezuela, thereby positioning the country to become, eventually, a power house in Latin America. Exploration of our offshore basin will continue apace this year as several licensed operators have signalled their intention to ramp up drilling given the success of ExxonMobil and its partners”.

The economist added, “Production of oil is on target for the first quarter of 2020, but there are good indications that this timetable could be advanced to the last quarter of this year.”

Further to this, the Finance Minister said that Guyana is expected to earn significant revenue, once production begins, which will be used to create jobs in manufacturing, industry and value added agriculture, among other sectors of the economy.

In addition to this, he said that the oil money would be used to improve and expand the physical and social infrastructure of the country. In this regard, Jordan cited the government’s plans to facilitate and support oil and gas activity, accelerate natural resource development such as bauxite, and connect the hinterland and the coastland.

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